A Markovian approach to modeling a periodic order-up-to-level policy under stochastic discrete demand and lead time with lost sales.
Nguyen Trong Tri DucPham Duc TaiJirachai BuddhakulsomsiriPublished in: Int. Trans. Oper. Res. (2022)
Keyphrases
- lead time
- lost sales
- periodic review inventory
- optimal policy
- periodic review
- inventory systems
- base stock policies
- base stock policy
- optimal base stock levels
- stochastic demand
- order quantity
- sample path
- continuous review inventory
- stochastic lead times
- inventory control
- finite horizon
- supply chain
- inventory models
- single product
- single item
- inventory level
- infinite horizon
- service level
- holding cost
- demand distributions
- lot sizing
- replenishment policy
- customer demand
- single stage
- single period
- inventory management
- setup cost
- production inventory
- multi item
- state dependent
- stochastic inventory
- planning horizon
- random variables
- total cost
- production planning
- reorder point
- fixed cost
- reinforcement learning
- state space
- multistage
- long run
- decision making
- markov decision processes
- lot size
- production cost